A decentralized finance protocol Harvest Finance seemingly issued a $100,000 bounty reportedly after a $24 million attack from its pool.
Harvest Finance is a DeFi yield aggregator. FARM is its native cryptocurrency. It has one admin key for making changes to the smart contract. Essentially, the holder of this key can perform a variety of changes, from strategies to orchestrating a rug pull.
Over $25 million in value has been exhausted from Harvest Finance pools. And swapped for renBTC (rBTC) by an unknown attacker. However, according to CoinGecko, FARM’s price is at $101 with a 24-hour trading volume of over $20 million, at the time of writing.
Moreover, TVL of the aggregator has dipped from $1 billion to 400 million, as per DeFiPulse. Accordingly, with the profitable returns of over 200% on FARM tokens, communication on Discord and Twitter have managed to keep most users.
DeFi projects like yEarn, SushiSwap, Serum, and others have entrusted their multisig keys to DeFi and crypto community leaders. Moreover, Investment in these projects requires thorough understanding of the smart contracts that run these applications. In addition, prominent influencers have signaled their approval. This should by no means be reason to invest in a project.
DeFiChain, a blockchain specifically dedicated to decentralized financial applications, has announced their listing on Bittrex Global. DeFiChain’s native coin “DFI” is now trading live on Bittrex’s robust and secure platform.
The DeFi space has been growing immensely in terms of value, functionalities, and attention from both the media and public. It is DeFiChain’s mission to bring seamless and unrestricted access to a wide range of financial services in a purely decentralized system. The listing on Bittrex’s innovative exchange further accelerates this goal. DeFiChain aims to leverage Bittrex’s extensive community and longstanding experience as a tier one exchange.
The announcement comes just a week after its successful hard fork “AMK”, bringing about tokenization support for DeFi custom tokens (DCTs), and DeFi asset tokens (DATs). The hard fork also included upgrades from the DFIPs (DeFi Improvement Proposals) 1 & 2.
“DeFiChain intends to be the platform for everyone to access all possible DeFi transactions,” said Dr. Julian Hosp, DeFiChain Foundation Chairman. “We’re extremely excited to be listing on our first tier one exchange. Partnering with Bittrex will be significant for our community!”
DeFiChain’s function set includes among others:
Yield Farming
Decentralized Lending
Decentralized Wrapping of Tokens
Decentralized Pricing Oracles
Decentralized Exchanges
Transferable Debts and Receivables
Decentralized Non-Collateralized Debt
Following the listing on Bittrex, DeFiChain is launching its liquidity pool functionality in November 2020. This will bring about the first yield farming capabilities on a UTXO network.
DeFiChain Foundation Chairman Dr. Julian Hosp, will be appearing live on a video AMA (Ask Me Anything) with Bittrex on 21 Oct 08:00 AM PDT.
For latest updates, follow DeFiChain’s social platforms on Telegram and Twitter.
About DeFiChain
The DeFiChain Foundation’s mission is to bring DeFi to the bitcoin ecosystem.
DeFiChain is a blockchain platform dedicated to enable fast, intelligent, and transparent decentralized financial services.
Unlike most of the other DeFi projects that are built on the Ethereum network, DeFiChain is built as a software fork on bitcoin, and leverages Bitcoin’s security by anchoring to the bitcoin blockchain (via Merkle root) every few minutes.
By dedicating the functionality of a blockchain specifically to decentralized finance, DeFiChain is able to provide high transaction throughput, reduced risk of errors, and intelligent feature development.
For full information including roadmap and upcoming features, visit https://defichain.com/
About Bittrex Global
Bittrex Global has one of the most secure trading platforms and digital wallet infrastructures in the world where customers can access exciting new products. Built on Bittrex’s cutting-edge technology, Bittrex Global provides a high-level experience for professional and novice customers alike. Bittrex Global is headquartered in the Principality of Liechtenstein near the financial centre of Zürich.
StakeHound collaborates with DASH NEXT and Dash Core Group, allows Dash holders to access decentralized finance (DeFi) applications while earning staking rewards.
Newly launched StakedDASH has become a bridge between DASH and Ethereum DeFi ecosystems. It allows DASH holders to generate further yield. Through DeFi applications whereas at the same time continue receiving stable staking rewards.
DASH NEXT Co-Founder Felix Mago said,
With DeFi, different Blockchains are finally coming together. I am very excited about this partnership as it provides DASH users the benefits of DeFi applications. Such as lending or borrowing, and Ethereum users with an easy way to use DASH’s established global payment ecosystem.
StakedDASH is tradable in major DeFi platforms like UniSwap, Curve, Aave, and others, using the Radix or Ethereum networks. They can also be converted into the original Dash tokens at any point.
In the meantime, the DASH tokens held by StakeHound will be conducted in a Dash masternode. And earn the standard rate of network rewards, which is issued to users as additional stakedDASH.
This enables Dash holders to gain the profit of network staking, but without needing to lock up the 1,000 DASH required to create their own masternode. The amount required to stake through StakeHound is a minimum of 1 DASH, at the time of writing worth $68.8.
Founder and CEO of StakeHound Albert Castellana have mentioned his intention, and dedication to explore DeFi capabilities to build and integrate DeFi on Dash Platform after the upcoming launch of mainnet.
The decentralized finance (DeFi) assets have continued to fall by 25.1% while volumes shrunk 30% in the last 24 hours alone according to data from Santiment.
Santiment estimated that daily DeFi token trade volumes have dropped by 30% combined. However recent market leaders Sushi (SUSHI), Yearn Finance (YFI) and Uniswap (UNI) are among the hardest hit. With weekly losses of 51%, 31% and 38% respectively.
The report reads,
“The crypto market has been engulfed in a sea of red this week, with most DeFi blue chips recording double digit losses over the past 7 days.”
However noting that crypto-Twitter has already emphatically explained the death of the whole DeFi project. Santiment claims to have identified whale accumulation activity taking place around several DeFi assets including Synthetix (SNX).
Santiment also mentioned that the combined price of DeFi assets. At the time they last moved on the MVRV blockchain has decreased. To an all-time low, “indicating undervaluation” at current price levels.
More like Bitcoin peaked to $20,000 in a rapid climb in 2017 on a speculative aspect, the coin then fell and faced a bearish market for more than 18 months. The same may happen with DeFi. It could drop down to a low point, but then rise up again in a sustainable manner.
Glassnode data shows Ethereum’s total transaction fees recorded their highest-ever earnings in September 2020, stood at an all-time high of $166 million for the month which is more than the $26 million taken in Bitcoin fees.
Glassnode Tweet on Ethereum Transaction Fees
The major factor behind this rise is the growth of the decentralized finance (DeFi) market in the crypto space. Moreover, miners are individuals or entities who use computing rigs to maintain and mine blocks on proof-of-work cryptocurrencies for rewards.
Some miners explained that much of the growth came as increased trading activity in low-cap DeFi projects and non-fungible tokens. For instance, the Ethereum price is at $352.45 with a 24-hour trading volume of over $14.1 billion, according to Coingecko.
As per data, in March and April Ethereum miners made an average of $4 million in fees. However, Miners pocketed $22 million and $32 million in June and July respectively as the DeFi industry started to gain steam due to the launch of lending protocol Compound.
Total Transaction Fees: Ethereum vs Bitcoin (Source: Glassnode)
At the start of 2020, the monthly Ethereum fees were just $1.5 million. This is similar to total value locked (TVL) in DeFi, which first broke the $1 billion in February but surged over $11 billion in summer, according to DeFi Pulse.
Stablecoin marketcap increases by $100 million every single day, and the world’s largest stable coin Tether (USDT) outperforms Ripple (XRP) by marketcap.
A stablecoin is a cryptocurrency pegged to other assets like the dollar or the euro. The current supply of stablecoins has been increasing by roughly $100 million daily for almost two months.
Coin Metrics co-founder Nic Carter in a tweet related to the rapidly growing stablecoin market cap to the boom in the DeFi sector. As many protocols are sucking up stablecoins to stay ahead of what seems to be a liquidity competition.
According to data from the crypto analytics website Tokenmarketcap, USDT has surpassed $13.9 billion in market capitalization. But XRP’s market cap stands at $11.5 billion.
Over the last 12 months, the market capitalization of XRP has always been below $13.5 billion. Today it is even lower than it was in mid-August when it rose to $14.5 billion.
This is completely different for USDT, which a year ago had a market capitalization of just $4 billion. In April 2020 it exceeded $6 billion for the first time, and in mid-May, it rose above $8 billion.
At the end of June, it surpassed $10 billion, exceeding XRP for the first time. But over the following week XRP recovered its third position. However, as of August 31st, the market capitalization of USDT rose to over $13 billion. Today its market cap is 13.9 billion.
Ripple’s senior director of global operations, Emi Yoshikawa, saidthat XRP is not competing with stablecoins or central bank digital currencies (CBDCs) like the imminent digital yuan. XRP aims to contribute to the growth of CBDCs and stablecoins.
Many new stablecoins have entered the market. DefiDollar (DUSD) is liveon August 27. DUSD uses the primitives of DeFi to maintain its peg to one Dollar.
As DUSD is not a unit of debt obligation, it provides a swift arbitrage opportunity aiding in stabilizing its peg. To protect against fluctuations in price DUSD has a native staking pool which provides a volatility cushion.
Unnamed Decentralized Finances (DeFi), a current hyped niche in the crypto industry, has offered a trader and Youtuber Tone Vays $500k for promotion.
Normally in the crypto industry, the social media platform like Youtube and Twitter holds sponsored content. However, Through this sponsored content influencer will receive payment for promoting various assets, companies, or projects.
Though unnamed DeFi offered money to Tone Vays for promoting. Nevertheless, he just ignored the offer.
However, on seeing Tone’s tweet about the scam promotion offer, one twitter user questioned him asking the coin’s name, he replied “No idea and don’t care”
In contrast, many twitter users were appreciating Vays for ignoring the offer. The Founder BurgerCrypto.com Marcel Burger tweeted saying that he “Respect Tone”.
Despite that, in July, Zeus Capital approached Scott, who does guest appearances at Coindesk and Anthony Pompliano, to post an analysis of Chainlink. Moreover, Scott never wants to make an analysis of a coin in return for payment.
Similarly, O’Leary, along with many well-known personalities Simon Cowell, Sir Philip Green, Holly Willoughby, and Jeremy Clarkson are featured in a bitcoin scam. Although operated by fraudsters who steal celebrities’ images to lure crypto investors.
However, O’Leary told The Sunday Times he would never invest “a cent” in Bitcoin. Additionally, he compared this to a scam plan.
Moreover, many influencers asked to promoted several crypto projects. Despite that, only a few influencers accept payment for promotion. However, other influencers like Tone will just ignore the offer since they follow strict principles.
The popularity of the DeFi market and expectations for the launch of the ETH 2.0 staking mechanism flood the crypto market in 2020. The rapid development of DeFi and Staking markets is driving the two mechanisms of DeFi and Staking to interact more and more in the blockchain landscape, and superposition has produced more and more composability. But the problem also followed.
In the Polkadot ecosystem, there is also such a project that is positioned in the DeFi basic protocol and aims to solve the liquidity of PoS tokens, which has attracted market attention under this background.Bifrost recently announced the completion of a seed round of $600,000. Investment institutions include NGC Ventures, SNZ Holding, Consensus Lab, Digital Renaissance, Youbi Capital, DFG, Longhash, etc. Bifrost said:
“Investors participating in this round of financing are not lack of early Polkadot investors and staking business-related institutions. It is expected that these institutional investors will be able to provide Bifrost with parachain slot auctions and staking liquidity business support in the future.”
Currently Bitfrost has conducted two rounds of Testnet including Asgard CC1 and Asgard CC2.
Bifrost said that they will participate in the Polkadot network’s slot auction in the future and become a Polkadot parachain to provide online real vToken swap, and plans to launch the mainnet in the fourth quarter of this year.
What is Bifrost?
Bitfrost is a cross-chain network that provides liquidity for staking. It is developed based on Substrate and built on the Polkadot network. As a DeFi project in the Polkadot ecosystem, Bifrost users can swap PoS Tokens into vTokens through the Bifrost Protocol at any time to obtain Staking rewards and liquidity.
The project has already obtained the Web3 Foundation Grant before completing this round of seed funding, and is also a member of the Substrate Builders Program under Parity and Web3 Bootcamp.
What problem does Bifrost want to solve?
DeFi and Staking rewards competition issues
Due to the emergence of DeFi products including liquid mining, DeFi products may bring users a super high annualized rate of return, but whether the prosperity built on the ETH PoW consensus can continue under the ETH 2.0 or Polkadot PoS consensus is a problem. For users, when staking and DeFi lending can only choose one of them, which method is more profitable becomes the basis of choice. The PoS consensus network will compete with DeFi products from the underlying mechanism to compete for users. To solve the problem of DeFi and staking rewards competition, Bifrost allows users to obtain staking rewards and release liquidity at the same time to obtain and optimize the interests of more DeFi fields including DEX, liquidity mining, etc.
PoS Network liquidity and security mutually exclusive issues
The PoS determines that the security of the network is maintained by the staking mechanism, which also means that the liquidity and security of the PoS network are in a mutually exclusive state. Under normal circumstances, increasing the liquidity of staking requires weighing network security, and the PoS token liquidity solution seeks to break this restriction, reduce the opportunity cost of users participating in staking, and at the same time increase the overall staking rate of the PoS public chain.
Staking reward acquisition in cross-chain scenarios
With the launch of cross-chain projects such as Polkadot and Cosmos, users will participate in more and more cross-chain scenarios, and the current cross-chain exchange of tokens may cause users to lose the Staking reward of the original token. Bitfrost aims to build cross-chain features in parachains through vToken, so that Staking rewards can also be obtained in cross-chain scenarios.
How is Bifrost achieved?
Bitfrost provides an intermediate layer between staking and the application layer, so that the staking and application layer originally built on the underlying protocol change from a parallel relationship to a top and bottom compatible relationship, thereby solving the problem of DeFi and Staking reward competition.
The project designed a mechanism that allows users to swap PoS Tokens into Bifrost vTokens through the Bifrost Protocol at any time, and each PoS Token will correspond to a different vToken, such as vDOT that bridges Polkadot tokens. Bifrost said that the nature of vToken includes:
By providing the liquidity of vToken, the liquidity and security of the PoS network can be achieved, thereby solving the mutual exclusion problem of the liquidity and security of the PoS network.
The cross-chain feature built in the parachain through vToken enables Staking reward in cross-chain scenarios, thereby solving the problem of obtaining Staking reward in cross-chain scenarios.
Disclaimer: This is a paid press release. Any information contained in this website is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. TheNewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release.
Leading digital financial services platform Bitrue has today announced upgrades to its existing services that will introduce the benefits of Decentralized Finance (DeFi) products to its existing Centralized Finance (CeFi) products. This will allow Bitrue to become the world’s first hybrid exchange, with further pushes into DeFi products planned for the future.
The first DeFi service will be a peer-to-peer matching engine connecting borrowers and lenders, with borrowers receiving interest on the coins they add to the liquidity pool. The service is expected to launch in Q1 2021.
Bitrue Financial Services will be supported through a new cryptocurrency token, Bitrue Finance Token (BFT), which will be distributed to Bitrue users starting this week and listed in mid-September.
In keeping with the spirit of DeFi, Bitrue will also be implementing upgrades to their existing loan service, starting with a move to make publicly viewable the wallets that contain collateralized funds. The increased transparency will be a step towards giving users as much power over their finances as possible.
DeFi products have seen stratospheric growth in 2020 and represent a clear future for the digital asset industry. In this nascent stage activity has focused almost exclusively on Ethereum-based ERC20 tokens, which excludes 70% of digital assets, including major coins such as XRP. Bitrue’s new hybrid model will progressively facilitate cross-chain interaction of all major blockchains, thereby providing users with a one-stop shop for all of their coins.
“The inherent trustless nature of DeFi means that our users can always be 100% satisfied that they are getting fair deals. It fits perfectly with the very reason that we started Bitrue – to provide financial services that bring equitable opportunities to all people, instead of enriching the elite few at the top. At Bitrue we have users with a wide range of backgrounds and requirements – from ordinary users who are building up nest eggs to large institutions looking to control their risk. These people all have different requirements and expectations towards cryptocurrencies, and the new capabilities we can offer as a result of this hybrid model will be able to satisfy these wide-ranging needs.” said Curis Wang, CEO of Bitrue.
About Bitrue
Launched in July 2018, Bitrue is a diversified financial services platform with support for trading, loans, and investments. Bitrue aims to utilize blockchain technology to bring financial opportunities to everybody regardless of their location or financial position. They have offices worldwide and continue to develop new features at a rapid speed to fully service the new wave of the digital economy.
Disclaimer: This is a paid press release. Any information contained in this website is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. TheNewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release.
Chainlink has made its second acquisition with Cornell University’s privacy-preserving oracle solution DECO for an unrevealed amount.
Deco Co-Founder Ari Juels will be joining Chainlink as a Chief Scientist. Since 2014, he has been teaching at Cornell University, one of the premier blockchain hubs in the world. He took leave to focus on Chainlink’s work.
The term “proof-of-work”, was coined by Jeuls and Markus Jakobsson, his research partner. DECO also claims to leverage how HTTPS/TLS data is transmitted for more secure web practices.
As per DECO’S website reads, “DECO is also useful for users who want to monetize their own data (and therefore prove that they are indeed providing correct data) without giving away anything but the data that they are selling.”
As per Chainlink’s co-founder Sergey Nazarov, the integration of DECO will potentially create new use cases apart from an increase in the security of the project’s infrastructure.
Nazarov said,
“DECO-enabled Chainlink oracles will have big implications for smart contracts across the enterprise, consumer, and even DeFi applications. Basically, any smart contract that was previously limited by private data will soon be able to function on a public blockchain like Ethereum without revealing any confidential information to the blockchain.”
Nazarov mentioned DECO can be used as a basement for some crypto wish list items, such as decentralized identification or permissionless credit. For example, he said by pulling data from a DMV while hiding the individual’s birth date DECO can prove a person is over 18.
Nazarov said that DECO will one day allow a smart contract to check off-chain credit data such as banking records without overreaching into personal data. He also said that in the DeFi space, DECO can create endless possibilities.
